WaMu: S&P's rating actions do not affect safety of deposits

SAN FRANCISCO (MarketWatch) -- Washington Mutual Inc.
WM, +0.12%
on Wednesday said Washington Mutual Bank's deposits won't be adversely affected by Standard & Poor's decision earlier to cut WaMu's rating to "poor quality" of CCC/C from BB-/B. "Washington Mutual Bank's deposit rating from Standard & Poor's continues to be investment grade and it is important to note that Standard & Poor's rating actions do not affect the safety of customer deposits, which are insured up to the limits allowed by the FDIC," said WaMu in a statement. The ratings agency affirmed Washington Mutual Bank's counterparty credit rating of BBB-/A-3. Washington Mutual Bank is a banking subsidiary of WaMu.

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